ARRESTED and accused of fraud and money laundering totaling more than K130 million are THREE Directors, the chairperson, and the treasurer of Kamono Farm Initiative Limited.
Fanwell Zulu, Enock Chibutu, Maxwell Masempela, Mirriam Soko, and Matimba Chongo are the individuals accused by the Drug Enforcement Commission (DEC).
The suspects are accused of operating a money circulation system, rendering banking or financial services without a license, and preventing money laundering, according to DEC Public Relations Officer Hussein Khan.
“Particulars of the matter are the suspects all of Kamono Farm Initiative Limited and Kamono Cooperative Society Limited jointly and while acting together with other persons unknown on dates ,but between January 1st, 2021 and September 30th, 2022 provided banking business and financial services to members of the public without a licence from the Bank of Zambia by fraudulently collecting deposits amounting to K134,865,286,” he said.
According to Mr. Khan, Kamono urged the public to participate in their different agricultural programs, which led to the gathering of the funds under the pretense that investors would receive returns even though they did not.
However, he said that the farms’ output levels couldn’t produce such profits.
“Further, they engaged in money laundering involving proceeds of crime by receiving and possessing cash at hand amounting to K766, 552.49, and funds in various company bank accounts amounting to K15, 531,722.99 as well as in various mobile money accounts amounting to K38, 611.04,” he said.
Mr Khan said that the Commission has seized these funds and frozen the accounts and that the suspects are on bond and will appear in court soon.
“The Commission would like to set the record straight that according to its investigations Kamono was a money circulation scheme perpetrated by unscrupulous individuals to defraud members of the public of their hard earned funds by promising unrealistic returns on investments. The Commission would also like to advise members of the public to be weary of such schemes as they may lose their money,” he said.
